- Twenty-First Century Fox's (FOX -0.9%, FOXA -0.9%) $15B bid for the rest of Sky (OTCQX:SKYAY) has been officially referred to Britain's Competition and Markets Authority for a 24-week review.
- That comes after several weeks of Culture and Media Secretary Karen Bradley saying she was minded to such a referral to look into Fox's commitment to broadcasting standards and into how much influence it will give Rupert Murdoch in the UK.
- Fox expressed disappointment: "Yesterday we wrote to the Secretary of State expressing disappointment that she had changed her mind and decided not to follow the advice of the independent and expert regulator Ofcom regarding broadcasting standards, but informing her that we did not intend to make further representations and encouraged her to make a prompt referral."
- The company says it looks forward to engaging constructively with the CMA and that "we anticipate that the transaction will close by June 30, 2018."
- Previously: Fox's Sky buyout headed for expanded probe in UK (Sep. 12 2017)
- Now read: Storm Clouds Clearing For Disney
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